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by an independent, qualified certified public accountant and subinitted to the City within <br /> three months after the end of NWRAPS's fiscal year, or, if required, a Certified Audit <br /> conducted by an independent, qualified certified public accountant and submitted to the <br /> City within 6 months after the end of NWRAPS's fiscal year. Any deficiencies noted in <br /> the financial report or audit must be fully cleared by NWRAPS within 30 days after <br /> receipt by the City. Failure of NWRAPS to comply with the above accounting <br /> requirements, without City approval of a justifiable cause, will constitute a violation of <br /> this contract and may result in the withholding of future payments. <br /> B. Record-Keeping <br /> NWRAPS shall maintain records on all activities conducted using HOME program funds. <br /> Such records shall provide a full description of each activity undertaken, demonstrate <br /> project eligibility and approval, all project closeout requirements, financial and payout <br /> documentation, and such other infonnation as deemed necessary. Records shall be <br /> maintained for at least five years after�final project closeout. <br /> All records with respect to any matters covered by this agreement shall be made available <br /> to the City, grantor agency, their designees or the Federal Government, at any tiine <br /> during nonnal business hours, as often as the City or grantor agency deems necessary, to <br /> audit, examine, and make excerpts or transcripts of all relevant data. <br /> C. Monitoring <br /> The City shall continue to monitor NWRAPS's compliance with the terms stated in <br /> Section IV.E. of this Agreeinent throughout the affordability period. Specifically, <br /> NWRAPS's shall provide evidence on an aruival basis that the assisted purchaser <br /> continues to occupy his or her property as their principal residence as determined <br /> annually by the U.S. Department of Housing and Urban Development, and with all <br /> applicable property standards as stated in Section V.D. <br /> IV. PROJECT REQUIREMENTS <br /> A. Selection <br /> NWRAPS shall use the funds as outlined in the proposal dated May 11, 2007; <br /> specifically, for eligible costs of Funds from this allocation would be used for renovation <br /> and soft costs associated with the rehabilitation of 1019W. Tuttle St., legally described as <br /> Lot One of Southside Manor Addition. NWRAPS shall submit documentation to the City <br /> for approval of any changes in the use of these funds. <br /> B. Approval <br /> The City shall submit the project for envirorunental and historical preservation review <br /> as needed. The City shall review each proposal for consistency with program objectives, <br /> construction budget estimates, and other elements as deemed necessary. NWRAPS shall not <br /> obligate any of the HOME funds budgeted for the project until a written Notice to <br /> Proceed is received from the City. <br /> 3 <br />